Business > EXAM > Wharton Business Analytics Coursera Quiz (Business Economics & Public Policy)-All Modules Questions (All)
Module 1: Introduction to Models Quiz Quiz, 10 questions Question 1 1 point 1. Question 1 Which of the following features is typically NOT associated with a quantitative model for a business pr... ocess? Mathematical equations A formal description of a business process A 100% accurate representation of the business process Assumptions Question 2 1 point 2. Question 2 For which activity(ies) might you use a quantitative model? (i) Forecasting (ii) Targeting (iii) Optimization (i) (i), (ii), and (iii) (ii) and (iii) Schlumberger-Private (i) and (ii) Question 3 1 point 3. Question 3 Which of the following activities is typically NOT a part of the modeling process? Model formulation Sensitivity analysis Validation Creating a model, so that the output always agrees with our prior expectations Question 4 1 point 4. Question 4 If a model gives a different output even when the inputs are the same, then what sort of model must it be? Deterministic Probabilistic Dynamic Discrete Question 5 1 point Schlumberger-Private 5. Question 5 From a modeling perspective, what is the key difference between a digital and an analog thermometer? The digital thermometer provides a discrete reading of the temperate, whereas the analog provides a continuous one The digital thermometer provides a continuous reading of temperature, whereas the analog provides a discrete one The digital thermometer always provides a more accurate reading of the temperature There is no difference, because they will always provide identical readings of temperature Question 6 1 point 6. Question 6 In the model y=3 e^(0.02 t) , where t is measured in months and y measures the number of customers in thousands, what is the best interpretation of the coefficient 0.02? The monthly customer growth rate is approximately 2% Two-thousand extra customers are added every month The annual customer growth rate is approximately 2% For every 1% increase in months there will be a 2% increase in customers Question 7 1 point 7. Question 7 Schlumberger-Private What is the defining characteristic of the linear model y =3+4 x, where x is the number of units produced and y is the time in hours it takes to produce them? When x goes from 4 to 5, the change in y is larger than when x goes from 40 to 41 The model has a set-up time of 3 hours If x increases by 1% then y will increase by 4%. The rate of change in y is constant at 4 hours per unit Question 8 1 point 8. Question 8 For which of the following business processes is a log function particularly useful in modeling the output? A process that exhibits diminishing returns to scale A process that exhibits seasonality A process that is increasing at a constant rate A process that exhibits a constant growth rate Question 9 1 point 9. Question 9 If you wanted to model a business process that looked like the graph below, then which modeling function would you suggest? [Show More]
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